Evening Star Newspaper, August 16, 1929, Page 14

TAR, WAS ey ANCTAL., ' FIN 14 el TRECONTINENTAL ADVANCE IN STOCK " TRANSACTIONS ON THE. NEW YORK' —Prev. 10205 High. Low. . Aales— Add 00. High. Low. 8 144% 142 Btock a nd Sal ~Prev. 1929~ Dividend Rate. Add Stock and Sales— Dividend Rate. Add 00. High. Stock and —Prev. 1020~ T Dividend Rate. EARNINGS INCREASE Growth of Resources Shown in First Statement of In- vestment Concern. Farnings on Tri-Continental Corpora- tion common stock, which is widely | held in Washington, were announced today by J. W. Seligman & Co., Sponsors for the invesiment concern, as indical ing an annual rate of $10.50 a share, after taxes. Seligman will soon formally announce the launching of the new $50,000,000 investment trust, the Tri- Continental Allied Corporation. The first earnings statement of the parent company showed that for the six months ended July 31, the first half year of the corporation’s existence, there was an increase of $5.29 a share in the liquidating value of the com- mon stock. The increase was ‘after glving effect to the market value of securities owned July 31, and it was stated that the liquidating value of the common stock was greater at the_ close of business Aucust 12, than on July 31. Since Tri-Continental has outstand- ing 1,000,000 shares of no par value common stock, the stated increas: ini per share liquidating value indicates total profits after preferred dividends of approximately $5.290,000, equivalent 10 an annual rate of about 42 per cent on the $25,000,000 of the corporation’s initial capital attributable to the com- mon stock. The six months’ dividend requirements on the outstanding 250,- 000 shares of 6 per cent $100 preferred stock 15 $750,000, so that indicated profits before preferred dividends are about $6,040,000, equivalent to an an- nual rate of approximately 24 per cent on the $50,000,000 with which the cor- poration started business. Dr. Hall Is Bank Official. Dr. Percival Hall, president of Gal- laudet College, Columbia Institute for the Deaf and Dumb, of this city, has been elected by the board of directors of the Northeast Savings Bank to be second vice president. He succeeds George F. Hoover, who was elevated to the position of first vice president, left vacant by the death of Charles R. Tal- ert. Dr. Hall is a graduate of Harvard ‘University, 1892, and has been president of Gallaudet since 1910. He is chair- man of the board of trustees of All Souls' Church, and was chairman of the building committee during erec- tion of that edifice. Dr. Hall has always been a strong supporter of every for- ward movement in the community and took an actitve part in the Community Chest movement last year. Bonds Active on Exchange. ‘Bonds provided most of the activity on Washington Stock Exchange today with prices fairly steady. Washington Gas 5s led with sales of $3,000 at prices from 102 to 101!, while Wash- ington Gas 6s, B in several sales totaling $1,100 sold off from 105 to 103%s. ‘Washington Gas 6s A turned over at 102';. Potomac Electric Construction 58 went at 100. Capital Traction Co. 55 sold in $1,500 at 9515, F Mergenthaler continued its activity, 55 shares going at 104, while Lanston Monotype moved at 129. Capital Traction was steady at 9214 and Washington Gas Light sold at 126. Federal Reserve, ‘The Federal Reserve system has| placed itself in a position to assist agri- culture and industry this Fall, to re- tard a further flow of gold from Eng- land, and at the same time to dis- courage further borrowing by member banks for loans on securities, says the Brookmire Economic Service, Inc., in commenting on the recent advance of rediscount rate. Whether this policy will result in a drastic reduction of brokers’ loans, Brookmire observes, is quite problematical. The prevailing opinion is that loans have not advanced excessively in comparison with new list- ings and growing market values, that the country has been able to absorb new issues and stock financing to a re- markable degree, and that the supply of liquid funds available for loaning on | call is still very large. In fact, as pointed out repeatedly, this large vol- ume of funds from so-called outside sources has been an outstanding factor on_the bullish side of the market. F. & W. Grand Stores for the six months ended June 30, 1929, réports net profit of $523,831, after all charges and taxes, equal to $1.65 a share earned on the 268,532 shares of common stock outstanding. This compares with net profits of $365,025 reported for the same period last year, equal to $1.17 a share on the same amount of stock. For the first half of 1929 net profits increased 43.5 per cent, whereas sales for the same period increased 42.6 per cent, indicating a larger margin of profit. Heard in Financial District. A. Jones Snavely, teller at the Bank of Commerce and Savings, has gone to New York to take a position with the Bank of the Manhattan Co. Arthur Foraker, manager of the lo- cal office of Eastman Dillon & Co., an- nuounced the association with his of- fice of Richard P. Davidson, formerly with J. A. W. Iglehart & Co. E. T. Burdette, assistant cashier of the Potomac Savings Bank has left for a vacation at Atlantic City. M. H. Buckingham, essistant_secre- tary of the Washington Mechanics’ Savings Bank, is on vacation in New England. RESERVE BANK RESUMES PURCHASES OF BILLS Special Dispatch to The Star. NEW YORK, August 16.—The most interesting items in the Federal Reserve condition statement this week is that showing the system’s position with re- spect to the bill market. Bills bought in the open market increased by $38,000,- 000, while the contingent liability of the system on bills purchased for foreign correspondents declined $21,000,000. The increase in purchasas represented large- ly acquisitions under repurchase agree- ment, brought about by the increasing supply of acceptances. The decline in contingent liability on foreign purchases was recorded, it is understood, despite heavy purchases of bills for foreign ac- count. Maturities of foreign-owned bills here have been exceptionally heavy dur- ing the last week. MARYLAND FACTORIES High. Low. 56% 384 79 Abitibl Power & Pap 37 57% Abitibi P & P pf(6). 85 (5) Rumley pf. Ahumada Lead. Alr Reduction (3)... Alr Wal El Ap(2%) Ajax Rubber. Alaska Juneau. Albany P W Pape; Alleghany Corp. Alleg Corp pf (5%) .. Alleg C pf rets(5%) . Alleg C pf (53)xw. Allied Ch & Dye (6). Allls-Chalm Mf (7) Amerada Corp (2). Am Brake Shoe 2.40. Am Brown Bov Elec. AmCar & F pf (T)... Am Can (14). Am Can pf (7). Am Chicle (2) Am Com Ale (k1.60). « Am Encaust Til (2) Am European Sec. .. Am & For Power.... A & For Pw 2d pf, Am Hawailan (1) Am Hide & Lea pf. Am Home Pra (3.60) Am Ice (13) . Am Internat (32 4 Am La F & Foamite % Am Locomotive (8) Am Mach & Fdy (15 Am Metal (3). Am Metal pf (6) Am Pow & Lt (11) AmP&LDLA (3). Am P&L pf A st (5). Am Ra&Std San 1%. Am Republics. . Am Roll Mill (€2)... Am Safety Raz (15) Am Ship & Com. 3 4 Am Sm & Ref (4). Am Sm & Ref of (7). Am Snuff (n). Am Steel Fdy (3).... Am Stores (2) Am Tobacco B (8). Am Tobacco pf (6). Am Water Wke (c1). 4 Am Zinc Ld&Sm. Am Zinc Ld&Sm pf. Anaconda W&C (3) Anchor Cap (2.40). Andes Copper (3) Archer-Dan-M (2 Armour Del pf (7). 4 Armour Il (A) Armour 111 (B).. Armour 111 pf (7 Arnold Constable.... Atch T&SF pt (5) Atl Coast Line (110). Atl1 G & W Indles AtlG & W L pf (4). Atl Refining (12). Atlas Powder (4).... Auburn Auto (38)... Austin Nichol: Autosales. 4 Autosales Aviation Corp, De! Baldwin Loco (7) Baldwin Loco (new). Balto & Ohio pf (4) Balto & Ohio (6). .. Balto & Ohio £ p (6). 4 Bang & Aroos (3%). Barnsdall ($2%). Beacon Oil. . Beech-Nut Pack (3) i Beatrice Cream (4) Belding-Heminway Belg N Ry pt pf (16 8 Bendix Aviation (2). 101 Best&Co(3)......o. 8 Bethlehem Steel (6). 407 Bethlehem St pf (7). Bloomingdale Bros. . Bohn Alum&Br(t4) Bon Ami A (15) Booth Fisheries, Borden Co (3) Borg Warner (J4)... Briggs Mfg E Briggs&Stratton(2). Bristol Myers(t414). Brockway M T (3)... Bklyn Union Gas (5) Bruns-Balk-Col(3) Bruns Ter & Ry S, 4 Bucyrus Erfe (1) 41 192% 120% 37% 314 82% 72% 1t 4 136% 123 61% 36% 48% 43 98% 78 265% 218 Bucyrus cv pf (2%). Burns Bros B Burr Add Mach(80c) Butte Copper & Zinc. Butte & Superior (2) Butterick Co. Byers (A M). By-Products Coke. Calif Packing (4) Callahan Zinc & L. .. Calumet & Ariz (10)., Calumet & Hecla(4). Campbell Wyant (2 Canada Dry G A (5). Canadian Pac (10). Case Th Mch pf (7) Cent Aguirre As 12, Cent Alloy Steel (2). + Cerro de Pasco (6). 142% 115 108% 105% T4%h A4% 62% 2T% 492% 225% 93 59! 19% 60% 22 REPORT LABOR DECLINE| : Bpectal Dispatch to The Star. BALTIMORE, August 16.—Employ- ment in selected manufacturing in- dustries of Maryland decreased 1 per cent from June to July of this year, according to the monthly report of Dr. J. Knox Insley, Maryland commissioner of labor and statistics. There was, furthermore, a loss of 4.3 per cent in the amount of riuel;xb\ned pay rolls for the period repol k. TlFLs information was based on writ- ten reports by 431 Maryland establish- ments, in which there was employed last month 70,826 persons, whose com- bined weekly earnings were. $1,648- 350.88. Notwithstanding the decrease in em- ployment from June to July, employ- ment in manufacturing industries July, 1929, was 6.5 per cent higher it was during July, 1928. CONTINENTAL CAN C0. NEW YORK, August 16 (#).—The Continental Can Co., Inc., today an- nounced the acquisition of the assets and business of the Gille Manufactur- Co. of Kansas €ity, Mo., manufac. turers of tin containers for lard, ofl, coffcerand other miscellaneous : 3! 178% 135% 165% 158 101% b68% 99 - 63 69% 42% 226 182 160% 120% 28% 20% Certain-teed Prod Ches & Ohio (10). Chesapeake Corp (3) Chi & Alton pf.....e Chi Great Western. ., Chi Great Westn pf.. Chi Mil St P&Pac... 1 Chi Mil St P&Pac p! Chi& N W (4). Chi & N W nf (7) Chi Pneu Tool Chi Pneu T pf Chi R1& Pac (7).. Chi R1& Pac pf (7). Childs Co (2.40). Chrysler Corp (3). City Ice & F' (3.60)... City Stores (1).. Cluett Peabody (5) Columb G & E (2)... Col Graph (29¢). 2 Columb Carbon t4%. Com Credit 12) . Comm Credit Coml Inv Trust Com Iny Trst war Com Solve: Y Conde Ni Congoleum-Nairn Consol Cigar (7). Consol Film (2). Consol Film pf (2) Consol Gas (3). Consol Gas pf (5). Contl Bank NY 1.20. . Contl Can (2%). 11 Contl [nsurance (2). Contl Motors (80c) Contl Oil of Del. Crosley Radio Crown Cork & Seal Crucible Steel (5). Cuba Cane Sugar pf. ‘Cuba Co. Cuban-Amer Sugar. Cuban Dom Sugar... Cudahy Packing (4). Curtis Pub (163)... Curtis Publish pf(7) Curtiss Aero (1).... Curtiss Aero ctfs(1). Cutler-Ham (3%)... Cuyam 115% 115% 163 163 163 163% 92 92% el Fruit 9 9 Davison Chem. 21 49% Delaware & Hud (9). 10 213% Del Lack & W (17).. 103 151 Denv&RGWDLl... 1 70 Detroit Edison (8).. 21 352 Devoe & Ray A (13). 1 47 Dome Mines (1). 1 10% Dominion Strs(1.20) 3 424 Drug Corpn (4). Dunhill Inter ($4)... Duplan Silk (1)s.eee 48% 48% 42% 42% 110% 110% 484 484 1 21% 21% 21% 484, 8 202 119 155% Du Pont de N(t4%). 148 * Prev. High. Low. Close. Close. 195% 190% 195 18 112 Dupont d N deb (6 4 Durham Hoslery 168 56 Eastman Kod (18).. Eaton Axle & 8 (3).. Eitingon-Sch (2%). Elec Auto Lite (6)..% Effectric Boat. ..., E) Pwr & Lt (1). Bl Pwr & Lt pf (7)., Elec Stor Bat (5). Emmerson-Brat A. .. Endicott-John (5) Eng Pub Serv (11).. Eng Pub Sve pf (5).. Eng Pub Sve pf (5%) Equitable Bldg(2%). Erle R Erf F- Fairbanks Morse (3) Fed Motor Tr Flelschmann (14)... Flelschmann ctfs t4. Florsheim Shoe A. .. Follansbee (12% ) Foundation Co...... Fox Film A (4)..... Freeport-Texas (4) Gabriel Snub A. Gardner Motor. ‘Gen Am Tnk Car(34) Gen Asphalt. . 4 Gen Asphalt pf (5).. Gen Bron: Gen Electric (16 Gen Elec spec (60c). 4 Gen'l Food Corpn (3) Gen Gas&EL A (e13%) Gen Mills (8%)..... Gen Motors (13.30) . 4 Gen Outd Adv A (4) Gen Outd Ad vte (2). Gen Public Serv(b§) Gen Ry Signal (5)... Gen Refrac (14).... Gillette Safety R (5) Gimbel Brothers. ... Gimbel Bros pf (7).. Glidden Co (m2). Goodrich BF (4). Goodrich pf (7)....0 1 Goodyear Tire (5) Goodyear 1st pf (7).. Gotham Silk H (2%) Graham-Paige. ..... Graham-Paige ct. Granby Consol (7) Grand Stores (1). Grand Stor pf (6% Grand Unfon........ Granite City Stl (3) Grant WT (1)...0.00 Grt North pf (5). Grt North pfet (5).. Grt Nor Ore (al1%).. Grt West Sug (2.80). Greene Can Cop (8) Gulf Mo & North. Gulf Sta Steel (4) -H- Hahn Dept Store: Hahn Dept S pf(6%) Hartman B (1.20)... Hawaifan Pine (2)... Hayes Body b8 % stk Hershey Chocolate. . Hershey Choc pf (4). 7 Holland Furn (e214). Hollander & Son. ... Homestake Min (17). Houd Hersh B (1%). 2 Houston Oil.......u. Howe Sound (t43%).. s Hudson & Man (2%4). Hudson Motor (5) Hupp Motor (f2). 4 Illinots Central (7).. Independ O11 & G (2) Indian Motor Cycle. . Indian Refining..... Indian Refining ct. Industrjal Rayon. Ingersol Rand (15 4 Inland Steel (3%) 4 Inspiration (4). 4 Intl Business M (5) Intl Cement (4) Intl Comb Eng (2).. Intl Cmb Eng pf (7). Intl Harvester (2%). Intl Harv pf (7)..... Int Hydro El A (e2) Intl Match pf (3.20) Int Mer Marine ctfs. Int Nickel of Can(1). Intl Pap & P A(2.40). Intl Pap & Pwr pf(7) 4 Intl Print Ink (2%). Int Tel & Teleg (3). Inter Dept 8t (2).... Inter Dpt S pf x w(7) Investors Equity(2). Island Creek Coal(4) —_— Jewel Tea (3).. . Johns-Manville (3) Jordan Motor Car. —K: Kan City Sou (5). « Kaufmann DS (1%). Kayser J & Co (5). .. Keitn-Albee-O pf (7) 141 Kelly-Spring Tire. Kelsey Hayes (2) Kelvinator Corp Rennecott (5) Kimberly Clrk Kinney G R (1) Kolster Radio Kraft Ph Ch ( Kresge S S (1.60) Kresge Dept Stores Kreuger & Tol(1.34). Kroger Gr&Bak(c1) Lago Oil & Trans Lambert Co (8) Lee Rubber & Tire Leh Port Cem (2%) .+ Lehigh Valley (3%).. Lehigh Valley Coal Lehn & Fink (3). Libbey Owens G Liggett & My B (16! Liggett & My pf (7 Lima Locomotive. Liq Carbonic (4% ). Loew’s Inc (2).... Loft Inc. . Loose-Wiles (2.60) Lorillard (P) Co. Loutsiana Ofl. . LouG & K1A (1%).. Louts & Nash (7).... Ludlum Steel (2) M- Mac A & Forb(12.85) McCrory pt (6)..... McKeesport T P (4) o McKesson & Rob (2) McKes & Rb pf(3%). Mack Trucks (6) . Mackay Cos pf (4)... Macy (RH)&Co(ct3) Mallinson & Co. Man Elec Supply. Man Elev mod (d Man Shirt (2)..... Maracaibo Oil Ex; Marlin-Rockw (14 Marmon Motor (4). Mathieson Alk (e2) May Dept Strs (4). Mexican Seaboard. Mtami Copper (4) Mid-Continent P (2). Miller Rubber..... Minn Moline Pwr... Minn Moline pf 6% Mo Kan & Texa: Mo Kan & Tex p: Missouri Pacific Missouri Pac pf Mont Ward (2%) Motor Products (17). Motor Wheel (4) . 15 114% 114 114 1 56 5 5 ’ 6 196% 195% 196 192% 1 .68% 68% 584 b58% 1 27 27 27 26% 37 153% 152% 152% 149 1 10% 10% 10% 10% 90 76% 6% 7T5% 5 5 106% 105% 105% 105% 12 85% 84% 8b% 84% 8 8 % 1 8 1 67% 67% 67% 67 3% T3% T2% 115 116 116% 105 105 105 38% 38% 85 86l B83% 61% 61% 61% 4T% 4T% 47 46% 46% 464 42 2 2% 42% 4 1 13% 13% 184 1 1037% 103 103% 103 9% % 9% T8 Th 6% 90 89% 50 70 4 40% 309 92 87 42 4% 19147181 19% T 20" 12% 12% 124 12% 101% 101 101% 100% 94% 91% 93% 92% 141 140 141 138 63 61% 63 61% 45 44% 44y 44 94 93% 94 93% 6815 68% 6815 68Y% 400 39315 398% 391 1% 11 1% 11 69% 69 69 69 104% 1025 104% 103% T8 T UK 7L 1% 70% T0% 46 46 46 314 381 314 85% 83 83 Ri% 118 116 118 1154 85% 8414 84 85 138% 135% 1364 136 33% 33 3 326 % 77 % 58 57% % 57% 3 32% 32% 33% 61% 60 60% 60% Ta% T3% T4%m T2% 111% 111% 111% 111% 105% 104 104% 1037% 101% 101% 101% 101'% 3% 35 38% 34 24 23% 23% 20 20 20 T9% T8% 8% 804 80% 80'% 108 106 108 26% 26 26 54 53% 54 128'% 125% 128'5 126% 123% 119% 122 23 38 204 18 211 15 0% 269 18% 8% 80 1 178% 178% 178% 182 48! 461 48% 6% 69% 69 69'3 69 33% 33 941s 94y 35% 34 63% 63% 63 35% 33 3dp 12215 119% 121 122 119% 120 40% 40 40% n7 1 4 64% 4% 44% 44n 83% 83 83% 41% 41% 41% 146 143 145 34% 321 3% 19% 19% 19% 52% 49% 52 49% 48 49% 100 99% 100 165 165 1424 324 19% 49% 47 108 160 96 96 45% 447% 22% 21% 6% 7 56 56 56 55 2 230% 230 230% 233 754 3% 75 T34 70% 67% 70 67 1073 107% 107% 107 120% 118 118% 117% 138% 138 138% 138 49% 49 49% 84 827 82% 29% © 28% 29 511 50% 50% 36% 351 36 23t 23% 23% 17% 16% 17% 89% 89 89% 54% 534 53% 54 118% 116% 117% 115% 2 60% 60% 60% 60 1 86% B86% B86% 89 9 65% 65 65 65% 4 61 51 51 51 42 5% 2% T4% T2% 119 193% 188 192 188 6 6% 6% 6% 6L 43 103% 101% 101% 99% 1128 28 28 28 9 50 50 1 116 9% 10% 42% 43 15 15 86% 86% 52% 53 42 42% 30% 30% 51% 51% 46 46% 16% 173 381 8% 9% 9% 50 114% 11% 160 3 136 90% 34% 32% 33 31% 139% 137% 137% 140 2 12% 12 12 12 46% 46% 46% 9% 9% 92 23% 234 23% 43's 43% 43% 4l% 411 42% 8 9 87 584 8 6215 25 11% 4 51% 50% S1% 504 1 143% 143'% 143% 1433 2 92% 92% 92% 92 2 3T% 35% 37% 35 1105 105 105 107% 53 73 69% 72 68 48% 48 48 48% 59% 59% b59% 58% 97% 96% 96% 96% 1 83% 83% .83% 84 214 213 2183% 213% 2 17% 17% 17% 17 68% 67 67 6656 18% 17 29 28 38 37% 37T% 384 28 28 28 28 15% 14% 156% 15% 7% 7% % 75 82% 19% 79% 8L 59% 56% 57% 56% 84% 81% 83% 82 26% 24% 24% 254 42 42 42 42% 26's 26% 26% 26% 40% 37% 40% 384% 43% 42% 43 42% 86 34% 36 3d% 2% 3 3 2% 2% 13% 32% 95% 95% 95% 95% 1 56% . 56% (66 5d% 104% 104 104% 103% 93% 91% 93% 924 140% 139% 140% 139% 122% 117% 122 116% 3% 3% 3% 3% 5% 4% 5 - 4% 3% 3% 3% 3% 295 28% 29 28% 117% 117% 117% 116% 52 51% b51% b5l% 38 39 39% 85 85% 85 86% 86 - 8614 8514 234 34 Natl Dafry(c1%).... Natl Dept Stores. .... L Natl P Ni . % Natl Rys Mex 2d of.. Natl Surety (5)....s Natl Téa (1%) North Am (b10% stk) North Am pf (3).... Nor Ger Lloyd(3.41). Northern Pac (5). North Pac et (5) Norwalk Tire & R 011 Well Supply. Oliver Farm Equip Olivr Fr Eq pt A(6 Olivr Fr Ep cv pt(3). Omnibus Corp. . . Otis Elevator (6)...3 Otis Steel. .. PacificGas & E (2).. 140 Pacific Lighting (3).. 58 Pacific Ofl stubs..... 3 Packard Motor (15). 276 Packard Mot (new) . 1078 4 Pan-Am Petroleum. . 4 Pan-Am Pete B. Panhandle P& R.... Panhandle P& Rpf.. 1 Paramount-F-L (3).. 729 Park & Tilford (33). 4 Park Utah (80c) Peerless Motor Car.. Penick & Ford. Penn Coal & Col Penn Dixie Cement. . Penn Dixie Cm pt(7) Pennsylvania RR(4) 311 Pere Marquette (18). 14 Pet Milk (1%) 1 Phelps Dodge (3). % Phila Co 6% pf (3)..1 Phila & Read C& I Philip Morris (1)... Phillips-Jones (3) Phillips Pete (1% 4 Plerce-Arrow A. Plerce Arrow pf 4 PlerceOll... Pierce Oil pt Plerce Petroleum. Pillsbury F1 (1234) .. Pirelli Co A (2.38 » Pittsburgh Coa Pittsburgh Coal pf. . Pittsbgh Screw & B Poor & Co (12).....0 P Rican Am To (B).. Postal Tel & C pf(7). Pralrie Oil & Gas. Prairie Pipe L (t Pressed Steel Car. * Pressed Stl C pf (7). Proctor&Gamble(3). Prod & Refiner: Pub Sve NJ (2.60) Pub Sve NJ pf (5) Pub Sve NJ pf (6) Pub Sve NJ pt (8) Pullman(Corp (4). i Pure Oil (1%)...... Purity Bakeries (4). Radio Corp. Radio pf A Radio pf B (5) Radio-Kelth-O o 3 RRSec1CstkC(4). Reading (4). Real Silk Hosfery.. Reis (R) & Co. Reis (R)&Co 1st(7) Remington-Rand. Reo Motors (11.60).. Rep Brass Corp..... Rep Brass A (4) Rep Iron & Stl (4) Reynolds Spring. Reynolds Tb B(2.40). Rhine West (1.92) Richfield Oil (2) Rio Grande Oil ( Ritter Dental (23%). Rossia Ins (220)... Royal Bak Pwdr(1).. Roy Bak Pow ctfs(1) Royal Dutch (a3.20) Safeway Stores (3).. St Joseph Lead (13). St L-San Fran (8)... 4 St L-San Fran pf (6) St L Southwestern. . Seaboard Air Line Sears Roebck (32%3) Seneca Copper. . Servel Inc. . z Sharon Steel H (2).. Sharp & Do pf (3%3). Shattuck F G (2).... Shell Union (1.40)... Shubert Theater (5). Simmons Co (3).. Stmms Pet (1.60)... SinclairOil (123%) Sinclair Oil pf (8) Skelly Ol (2).. Sloss Sheflield steel., Snider Packing. . Snider Packing pf. So Porto R Sug 1214. Southern Cal Ed (2). Southern Dairfes B.. Southern Pacific (6). 2 93 12 b51% 2 8 2 370% 124 49% 1% 126% 2 & 46 46 151 154 69% 69% 694 5% 6% 1% 1% 120 65 - 65 46% 464 95% 87% 98 95% 4T% 46 243% 238 164 @ 163% 58% b1% 123% 121% 131 131% 25 26% 36 37 255 2634% 167% 165% 10:30 A. M., . 1:30 P.M. laration. 4% in stoc aPaid this in_stock. £Plus 10% in stock. JPlus 8% in stock. k. Underw- Union Bag & Paper. ‘Union Carbide(: Union 01l Calif (2) Vadsco Sales. Vanadium (14) Vick Chemical (4)... Virginja-Car Chem. . Virginia-Car 6% pf.. Wabash. . . 4 Wabash p Waldorf Systm (1% Walworth (1.20).... Ward Baking B. Warners Bros P 1334 Warn Br P p£(2.20)... Warner-Quinlan (2). Warren Bros (5)... Warren Fdry & Pipe Webster-Eisenlohr. . Wess Ofl & Snow(2). Wess O & Snpf (4).. % Westn Dairy A (4) Zenith Radlo (2).... RIGHTS EXPIRE Gen Cigar rights. ... Macy Co rights. Mont Ward..Au, 1 Stand Gasrts Aug.31 209 Transcont Oil rt: U S Freight(rights). 5 Sales of Stocks on New York Exchange. sUnit of trading less than 100 shares. SPlus $3 ear—no regular rate. Payable when earned. 14 150% 148% 98 98 43 5244 4T% Stand Com Tob (1) . 80% SM‘GII.E;((‘%) ). 80! Stand OIIN J (12)...! Stand OII N Y (1.60).10: Stand Plate Glass. ... PRICES IS RESUMED Market Points Briskly Up- ward on Reduction i Brok- ers’ Loan Total. BY STANLEY W. PRENOSIL, Assoclated Press Financial Editor. Sterling Sec (A)....; Sterling Sec pf 11.20. Stewart Warnr(3%). Stone & Webster, Studebaker (35). Superior Oil (new) Superior Steel... s of Am Symington. Symington Texas P C & Oil (bb). ‘Texas Pac Land Tr. ‘Thatcher Mfg... The Fair (2.40) Thompson J R Tide Water Asso. Tide Wat Asso pf| Timken Det Ax(80¢). ‘Timken Roller (3)... % Tobaceo Pr (1.40). Tob Prod ctfs(1.40).. ‘Tobacco Pr A (1.40). Transcontinental, Trico Prod (2%). -U- 1-Fish(4).. 13 1 118 4 Utd Afrcraft&T pf3. 2 Utd Biscuit (1.60)... 1 United Carbon. Utd Cigar Stores(1). Utd Corporation. Utd Corp pf (3)... Utd Electric Coal(3) Utd Fruit (e4).. Utd Gas & Imp (1) Utd Gas & Imp pf( Utd Paperboard. U S & Forelgn Seq 1S Freight. .. 8 13 4 US Leather A (4)... U S Pipe & Fdry (2). U S Realty (6). U S Rubber.. . U S Smelt Ref (33). U S Smelt Ref pf 3% U S Steel (7). 4 U S Steel pf (7) U S Tobacco (3)..... Univ Pipe & Rad . Util Pwr & Lt A (e2) V i ™ M S ameee SR Eanan Western Pacif pf. Western Union (8).. Westngh Air Brk(2). Westngh EI&M (4).. Weston El Instru. ‘White Eagle Oil (2).. White Motor (1).... ‘White Sewing Mach.. % White Sw Mch pf(4). Wilcox Oil & Gas. ... Wilcox Rich(A)2%.. Wilcox Rich B (c2).. Willys-Over (c1.20). 147 Woolworth (2.40)... Worthington Pump.. Worthington B Wright Aero (2 ¢ Wright Aero ctfs Wrigley Wm (4) 47 70 91 Yale & Towne (4) Yellow Truck & C. 154% 4% 779,400 0 Noon. 0 P.M. 2,014,000 3,700,900 Dividend rates as given in the above table are the cash_Dayments based on' the-latest auarterly oF haif vearly dee Partly extra. fPlus 1-25 in stock. b Payable in stock. ¢ Plus 5% e Plus 6% in totk " h Bus S Tn Sieck: KPlus’ 3% in' stock. o e in preferred stock. AYRES ALLAYS FEAR OF HIGH CALL RATE Cleveland Economist Points to Stimulating Effect of Big Business Profits. Despite the unexpected action of the Feder?l Reserve Bank of New York in raising its rediscount rate, it seems im- probable that money rates will be so high as to have much restraining effect on business or to overcome in the se- curity markets the stimulating effects of large earnings, states Col. Leonard P. Ayres, vice president of the Cleveland Trust Co., in the bank's current bul- letin, o In connection with the rate increase two nssulmxv;ixons seem warranted, de- clares Col. ‘es. “The first is that the Reserve authori- ties intend to supplement this action by other steps having for their purpose the facilitating of the financing for meeting the expanded credit n of Anwmn'buslness and of the harvest- ing and sporting of crops. The second assumption is that they plan to take some course of action designed to avoid having the rate increase result in at- tracting gold. imports from England. In the absence of these assumptions 1t would be difficult to reconcile the rate increase of the New York bank at this time with sound banking policy. “Presumably the course of action which the Reserve system will follow will be to begin promptly to build up its holdings of acceptances, and to increase its tfolio of Government securities. In ways it can readily make avail- able the additional credit needed for Au~ tumn business, and it can stabilize and ease call money rates, thereby re- duce the probability of attracting gold imports. If such tly 1t Jropable that the rate seems &rommp will provambeneflmdfl rather than detrimental to business and even to the security markets.” NEW YORK, August 16 (#).—Call money steady; 7 per cent all day. Time loans s ; 30 days, 8%a9; 60-90 days, 8%a9; 4-6 months, 8%a9. Prime commercial paper, 6a6%. Bankers' acceptances unchanged. Wall Street Briefs By the Assoclated Press. Dow, Jones & Co. reports that struc- tural steel awards during the past week totaled 43,000 tons as against 34,000 in the previous week. Stockholders of the Youngstown Sheet & Tube Co. today approved an increase in the authorized common stock from 1,000,000 to 2,000,000 shares, of which 200,000 shares will be used to pay a 20 per cent stock dividend declared July 12. The remaining 800,000 shares will be held in the treasury, but will first be offered pro rata to_stockholders when, as and if issued. President Rames Campbell told stockholders the com- pany had had a very satisfactory year i | so far, with good prospects for the re- maining months. The Commercial Investment Trust Corporation has contracted to finance the payment sales of dsalers handling the oil burners of the Petro- leum Heat & Power Co. of Stamford, Conn. The Baldwin Locomotive Works has received orders for 5 locomotives for e Chilean State Railways in addition o 12 ordered by that company several weeks ago. Iron Age reports that the Atchison, & Santa Fe Railroad is in the aoll;ekt: for 200 gondola cars, that the Central of Georgia is inquiring for 500 box cars and that the Central Railroad of New Jersey is asking for revised bids on 250 steel gondola cars. General Motors Corporation dealers delivered 181,851 cars during July, the eox'zour.\un announced today, compared wit 177,728 for the corresponding Sales by General Mo- divi to dealers , an average of 7,- 900 jpared with 169,473 for July, 1928. Installation of additional machinery has increased the annual production of the Celotex Co. of ClI from 400,- 000,000 square feet to 500, ,000 square feet. SILVER QUOTATIONS. NEW YORK, August 16 (F).—Bar sil- ver, 52%. Mexican dollars, 40. HEAVY CONSTRUCTION ACTIVITY IS INCREASED By the Associated Press. NEW YORK, August 16.—Marked by an increased activity in industrial building, the money value of heavy construction projects that reached the proposed stage in the past week to- taled $60,169,000, Construction Daily reported today. This figure compares with $53,841,000 last week and $52,- 350,000 in the corresponding week last year. ‘The following figures represent the sums involved in each group and the country as a whole: Commercial build- ings, $6,438,000; apartment houses and 'A. | hotels, $3,225,000; public work, $6,644. 000; educational buildings, $2,700,001 industrial plants, $13,875,000; hospi- tals, $19,422,000, and unclassified jobs, $7,865,000. METAL MARKET. NEW YORK, August 16 (#).—Copper steady; /electrolytic, spot and future, 18. Iron steady, unchanged. Tin steady; spot, 46.62; future, 47.12. Lead steady; spot, New York, 6.75; East St. Louis, 6.55a6.57. Zinc steady; East St. Louis, spot and future, 6.77a6.80. An- timony, 8.62. In Nearby Virginia Prudential 51/2% Imumll::lEE?Eo. Commonwealth Investment Co. 917 15th St. N.W. Phone National 2623 NEW YORK, August 16.—The stock market gave an impressive demonstra- tion of strength today in reflection of speculative pleasure over the unex- pectedly large drop in Fe Vi pectody loagm. P ‘ederal Reserve Buying orders were distributed over an unusually broad list, with the re- sult that at least twoscore issues were selling 4 to 10 points above yesterday's final quotations by early afternoon. Twenty or more stocks, including American Can, Standard Oil of New Jersey, Union Pacific and New Haven, were pushed into new high ground for the year, Closing Is Strong. Adams Express, which closed Monday at 632 and did not sell again until today, fell to 575 during the final hour. Erie went to a new high at 877, while American Machine & Foundry climbed 15!z points, Hocking Valley 13, Union Pacific 813, and Newport Co., 8. The closing was strong. Call money renewed unchanged at 7 per cent, and money brokers expressed the opinion that it probably would not 80 below that level, because of the 6 per cent rediscount rate. Time money and commercial paper rates were un- changed. With no indications that any im- portant holdings of stocks had been liquidated in last week's break, oper- ators for the rise went ahead with their operations in the belief that powerful financial interests were still committed to the side of rising prices. Several of Wall Street’s large operators privately have expressed the opinion that busi- ness prosperity will continue at least over the year end, and that no major reaction in the stock market is likely until there has been a definite turn for the worse in the course of general busi- ness. Sharp readjustments, however, i are looked for from time to time. Price Gains at Opening. ‘The unexpectedly large drop of $68,- 000,000 in Federal Reserve Brokers’ loans, which was announced after the close of the market yesterday, started a wild bullish demonstration at the opening. American Can opened with a block of 15,000 chares at 178',, up 4, and Standard Oil of New Jersey with a similar block at 64%, up 1%, both new high records. U. S. Steel common open- ed with a block of 7.500 shares at 24113, up 4. Consolidated Gas, Simmons Co. and Union Pacific all moved into new high ground on initial gains of 2 points or_more. In view of the sharp advance in prices since last Friday’s break, Wall Street interpreted the decrease in loans as an Indication that stocks had passed from weak to strong hands, and that no important distribution had taken place. The heavy rchase of bills and Government securities by the Federal Reserve Bank, ostensibly to ease credit for commercial purposes, also was re- garded as a bullish factor. Opening gains in the active shares ranged from 1 to 9 points, with several blocks of 5,000 to 20,000 shares changing hands in the first half hour. Buying orders were distributed over a fairly broad list with indications of active short covering in some of the motors and specialities. PRICE RECESSIONS. By the Associated Press. Price recessions in steel and all other commodities were recorded last weck by Census Bureau records. Figures which follow give the index representing all | commodities, based on 1926 average wholesale prices as 100 and the cost of a composite ton of steel products for the week and comparable periods. All com- modities. Steel. | Week ended August 10... 97.6 $36.60 Preceding week 986 $36.68 Same week last 994 $34.89 Pacific Coast Aggregates, Inic., Tecent- Iy formed by the merger of $20,000,000 | of sand. rock and_gravel interests in Central California, is one of the largest aggregates firms in the world. First Mortgage Loans Fair Rates of Interest J. 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